Korean Job Discussion Forums

Morton · Joined: 06 Mar 2007

I'm looking for an apartment so my Korean friend and me went to the real estate office in Hongdae.
I've seen a place that is 5million key money then 550,000 a month. Which is fair enough i suppose.
What i would like to know is if i want to move apartment before a full year has passed do i lose my key money? Or do i simply tell the landlord i'm moving, pay the final months rent, then collect my key money?

And how do i know the landlord won't steal my money?

Thanks for any help you can give.

Mr. Pink · Joined: 21 Oct 2003 Location: China

You won't get your key money back before your lease time is up without someone else taking your apartment.

The lease you sign with the landlord...do it officially with a real estate agent is a legally binding document. I doubt he would stiff you over 5mil won. You can get your real estate guy to do a search on the would be landlord anyways. They can tell you if he used that property as collateral or if he has any outstanding loans in regards to the property. Typically if the property is clean and landlord doesn't have huge debts, it is considered a safe rental.

I am surprised your real estate guy didn't explain all this to you - I guess he and you don't communicate well, or when I did my key money thing I found an awesome real estate agent.

Anymore questions?

winterwawa · Joined: 06 May 2007

I have rented 2 apartments in Korea and left before the lease expired. Got my key money back both times. Just help the landlord find someone to take over the lease and you will have no problem. It also helps if you have a justifiable reason for leaving early.

In fact, the last time this happened, I explained to the landlord and the estate agent that my wife left me and I didn't have a job, so I could not pay the rent. The landlord let me stay there two months without paying rent and returned the entire amount of key money when I moved out. He was a really nice guy about it all. One of the few times that a Korean was actually helpful when I needed it most.

Also, IMHO landlords that use realestate brokers to find tenets are more honest than those that advertise in local papers and do everything themselves.

You should be ok.